American Bitcoin built an 8,002 BTC reserve, but nearly 40% of it is quietly tied up with Bitmain

American Bitcoin mined approximately 932 BTC and reported $67.015 million in revenue in the second quarter. But its six-month cash flows do not show that the broader reserve strategy was self-funding. The miner finished June with 8,002 BTC, while first-half operations used $63.795 million in cash and digital-asset purchases used another $65.316 million.

The cash-flow statement records $144.088 million of net proceeds from at-the-market share sales as the period’s principal financing inflow. American Bitcoin sold 7,755,671 Class A shares through the ATM during the first half, including 2,151,127 shares that produced $33.585 million of net proceeds in the second quarter. The filing does not say those dollars were earmarked for a particular expense or Bitcoin purchase. Still, the two disclosed cash uses totaled $129.111 million, showing that equity was central to liquidity.

On a coin-count basis, mining did most of the quarter’s work. Holdings rose by approximately 981 BTC from March 31 to June 30, and the 932 BTC produced equaled about 95% of that increase, although the figures do not trace individual coins. Dilution did not erase the per-share gain: reverse-split-adjusted common shares rose 3.12%, while holdings rose 13.97%, lifting implied satoshis per share by 10.52%. The ATM remained available after American Bitcoin’s July reverse split, keeping future equity issuance relevant even as BTC per share increased.